Autostrade l’Italia to buy €522.61 million of notes in tender via BNP

By Susanna Moon

Chicago, Sept. 19 – Autostrade per l’Italia SpA will take in tenders for €522,614,000 principal amount of four series of notes in a tender offer by BNP Paribas SA.

BNP announced on Tuesday the non-binding results of its tender for up to €650 million principal amount of the notes that ran from Sept. 11 until 11 a.m. ET on Sept. 18.

The breakdown for the acceptance amount is as follows, with pricing scheduled for 9 a.m. ET on Sept. 19:

• €80,303,000 of the (€673,637,000 outstanding) €1 billion 4.5% senior guaranteed notes due Feb. 8, 2019 using a purchase yield of negative 0.2%;

• €117,247,000 of the (€618,975,000 outstanding) €750 million 4.375% senior guaranteed notes due March 16, 2020 using a purchase yield of negative 0.15%;

• €155,428,000 of the €750 million 2.875% senior guaranteed notes due Feb. 26, 2021 using a purchase yield of 0%; and

• €169,636,000 of the €650 million 1.125% notes due Nov. 4, 2021 using the November 2021 interpolated mid-swap rate plus a spread of 0 basis points.

Holders also will receive accrued interest of 2.77% for the 4.5% notes, 2.27% for the 4.375% notes, 1.63% for the 2.875% notes and 0.99% for the 1.125% notes.

Settlement is set for Sept. 21.

BNP previously said it would determine the allocation of funds between each series of notes and reserved the right to accept significantly more or less or none of any series of notes.

BNP Paribas (+44 207 595 8668 or liability.management@bnpparibas.com), Mediobanca - Banca di Credito Finanziario SpA (+39 02 88291 or MB_LM_CORP_IT@mediobanca.com) and UniCredit Bank AG (+49 89 378 13722 or corporate.lm@unicredit.de) are the joint dealer managers.

The tender agent is Lucid Issuer Services Ltd. (+44 207 704 0880 or autostrade@lucid-is.com).

Rome-based Autostrade per l’Italia constructs and manages toll highways.

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